USDJPY holds below the 100 bar MA on the 5-minute chart
The USDJPY fell sharply early in the NY session and has corrected and consolidated since that run lower. Looking at the 5-minute chart, the run was the second leg lower today. The first from 111.57 to 111.23 corrected toward the 38.2% and 200 bar MA (green line at 111.37) before starting the 2nd leg lower.
That 2nd leg took the price from 111.37 to 110.97. The pair bottomed just above the 100 day MA at 110.953. That correction higher also stalled near the 38.2% (really between the 38.2% and the 50%). Sellers remain in control below those retracement levels at 111.12-173.
The condolidation has also allowed the 100 bar MA to catch up with the price. It too sits between the retracement levels (blue line at 111.154).
Traders can continue to lean against that area at 111.12-173. Stay below, the sellers remain in control, and a retest of the 100 day MA will be eyed. Move above, and the sellers lose some of their bearish bias. The markets are more muddy technically.
